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Citigroup
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===Conflicts of interest on investment research=== In December 2002, Citigroup paid fines totaling $400 million (~${{Format price|{{Inflation|index=US-GDP|value=400000000|start_year=2002}}}} in {{Inflation/year|US-GDP}}), to states and the federal government as part of a settlement involving charges that ten banks, including Citigroup, deceived investors with biased research. The total settlement with the ten banks was $1.4 billion. The settlement required that the banks separate investment banking from research, and ban any allocation of IPO shares.<ref>{{cite web | url=https://www.nytimes.com/2003/04/28/business/regulators-finalize-14-billion-wall-st-settlement.html | title=Regulators Finalize $1.4 Billion Wall St. Settlement | work=The New York Times | date=April 28, 2003}}</ref>
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